Inheritance Tax: Probate changes create ‘a total shambles’ as delays of 32 weeks emerge
- On November 26, 2020
- By Chris Gosling
Inheritance tax costs can be managed by a legal professional who can be hired to manage an estate once a person has passed away. This person (or company) will be responsible for ensuring assets are passed down correctly and making sure the correct tax is paid but before this is done, they’ll need to apply probate.
Inheritance tax (IHT) and overall estate planning can be complicated to manage and as such, families regularly delegate the responsibility to experts who specialise in estate planning. Before these experts can act however, they must apply for the legal right to deal with someone’s property, money and possessions (their estate) which, so long as a will is in place, is granted through probate.
While probate is designed to make estate planning run smoothly, there have been well documented delays at the probate registry in recent months as coronavirus delayed state processes.
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